Mortgage market shows modest signs of recovery.

Mortgage market shows modest signs of recovery: Twenty7Tec

Twenty7Tec, a leading provider of technology solutions to the mortgage industry, this morning issues the mortgage market statistics for week ending Saturday 25 April. Using the company’s INSIGHT platform, it will be providing free daily market analysis reports during the Covid-19 crisis.

The mortgage market is showing slight signs of recovery, according to the latest data from Twenty7Tec.

The volume of searches for the week ending 2 May was up 5.36 per cent on the previous week and up 21.32 per cent on two weeks previous, the tech provider’s insight platform reveals.

However, the volume of searches was down 12.6 per cent on four weeks ago.

Statistics for the volume of documents produced in the week up to 2 May were up 0.84 per cent and 20.06 per cent on the previous week and two weeks prior respectively, but down 21.17 per cent on four weeks ago.

Meanwhile, the total value of loans also rose on the previous week, up 2.93 per cent and up 23.59 per cent on two weeks before, but again, fell on four weeks ago, down 20.77 per cent.

Purchase mortgages represented 31.74 per cent of the market last week, compared to the usual norm of 55 to 60 per cent, up from recent lows of 24.5 per cent. Remortgages accounted for 68.26 per cent.

Buy-to-let has a long term average of 19.78 per cent of searches with standard residential searches representing 61.25 per cent of all searches in the past year.

Currently, BTL’s share of all searches is at 25.01 per cent whereas standard residential is at 59.66 per cent.

Twenty7Tec chief executive James Tucker says: “The data tells us that we are gently on the up again and have been ever since Easter. Across the board, we are seeing higher search volumes, higher levels of documentation prepared and higher total levels of loans requested.

“Buy to let is probably the story of the week, representing around one-fifth more of the total market than the long-term average.

“Whilst it’s great news that this week’s searches for purchase mortgages continue to rise, the volumes remain considerably down on their Jan to March peaks. This week’s volumes are only 26 per cent of the weekly volumes in mid-March.”

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